Artificial intelligence (AI) is disrupting the property management industry. Because of the increased need for multi-family properties, the need for property management and innovation is increasing as well. Fortunately, the outlook for AI in the industry is positive for property residents, owners and managers. Here are some examples of what you can expect from AI in property management.
Improving Residents’ Property Experience
Artificial intelligence improves residents’ experience living on the property. For example, residents can use Amazon Echo, Google Home or other devices to pay rent or extend a lease. Residents can also regulate their energy use or manage their television, internet and other bills. In addition, residents can modify their security and report maintenance or other issues with the property. Because the AI interface has a clean, modern design and is easily understood and used, residents can see all the actions they may take with the application to maximize its functions.
Saving Property Owners Time and Money
Artificial intelligence saves property owners time and money. For example, because many owners live far away and/or own multiple properties, owners save time and money by having AI handle typical management tasks. Also, because AI provides proactive recommendations on maintenance and management issues, owners can better maintain the physical condition and value of their property while ensuring its adequately staffed. These features attract more residents and increase revenue. In addition, AI provides owners with peace of mind because many property management tasks, such as regulating energy efficiency, are automated. Furthermore, the useful features provided by AI encourage residents to remain on the property longer, which reduces costs related to finding new residents.
Easing the Workload for Property Managers
Artificial intelligence helps ease work responsibilities for property managers. For example, managers may utilize AI to find new residents and cost-efficient vendors. Managers may also be more efficiently notified of current or potential issues with the property so they can be resolved in less time or avoided altogether. In addition, property managers gain greater visibility into agent and sales performance data to increase the number of prospects who become residents.
Partner with InterSolutions
For help securing your next property management position, partner with InterSolutions and work with our awesome team of apartment staffing recruiters. Remember – property management is all we do!